Group 1 - The company has issued a convertible bond named "Jing 23 Convertible Bond" with a total fundraising amount of RMB 1.154 billion, a maturity of 6 years, and a face value of RMB 100 per bond [1] - The initial conversion price for the "Jing 23 Convertible Bond" is set at RMB 25.71 per share, which has been adjusted to RMB 23.91 per share as of the latest update [1][2] - The bond's conversion price has undergone several adjustments due to annual equity distributions, with the latest adjustment occurring on June 11, 2025, reducing the price to RMB 23.91 per share [2] Group 2 - The company has conditional redemption terms for the "Jing 23 Convertible Bond," allowing redemption if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period or if the remaining unconverted bond balance is below RMB 30 million [2][3] - The company decided not to exercise the early redemption right on February 19, 2025, despite meeting the conditions for redemption, and will reassess the situation after August 19, 2025 [4] - If the stock price remains above RMB 31.09 per share for five out of twenty trading days after August 20, 2025, the company may trigger the redemption terms for the "Jing 23 Convertible Bond" [5]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号:2025-101 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 | 转债 | 深圳市景旺电子股份有限公司 关于"景 23 转债"预计满足赎回条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、"景 23 转债"发行上市概况 经中国证券监督管理委员会《关于核准深圳市景旺电子股份有限公司公开发 行可转换公司债券的批复》（证监许可[2023]127 号）核准，公司于 2023 年 4 月 4 日向社会公众公开发行可转换公司债券（以下简称"景 23 转债"）1,154.00 万 张，每张面值 100 元，募集资金总额为人民币 115,400.00 万元，期限 6 年。可转 换公司债券票面利率为：第一年 0.30%，第二年 0.50%，第三年 1.00%，第四年 1.50%，第五年 1.80%，第六年 2.00%。 经上海证券交易所自律监管决定书（[2023]95 号）文同意，"景 23 转债"于 202 ...

| 头人金額最大的別5名 | | | | | | | --- | --- | --- | --- | --- | --- | | 库号 | 交易营业部名称 | 买入金额(万) | 占总成交比例 | 卖出金额(万) | 占总成交比例 | | 沪股通专用 | | 552次 47.10% 2 19237.99 | 6.90% | | . | | 2 | 国泰海通证券股份有限公司总部 | 591次 47.04% 16978.58 | 6.09% | | | | 3 | 机构专用 | 1671次 43.69% 12223.01 | 4.38% | | | | | 中国国际金融股份有限公司上海分公司 Dastmont | 296次 38.51% 6350.73 | 2.28% | | | | 5 | 中信证券股份有限公司上海分公司 | 323次 43.96% 3494.15 | 1.25% | | | 中国经济网北京9月2日讯 景旺电子(603228.SH)今日跌停，收报55.00元，跌幅10.00%。 龙虎榜数据显示，买入景旺电子金额最大的前五名中，有1家机构专用席位；卖出景旺电子金额最大的前五名中，有3家机构专用席位 ...

Group 1 - The stock of Jingwang Electronics (603228) experienced a limit down today, with a turnover rate of 5.21% and a transaction amount of 2.788 billion yuan, showing a fluctuation of 13.64% [2] - Institutional net selling reached 290 million yuan, while the Shanghai-Hong Kong Stock Connect recorded a net buying of 192 million yuan [2] - The stock has appeared on the trading list five times in the past six months, with an average price drop of 2.15% the day after being listed and an average drop of 1.33% over the following five days [2] Group 2 - As of September 1, the margin trading balance for the stock was 1.224 billion yuan, with a financing balance of 1.215 billion yuan and a securities lending balance of 9.0504 million yuan [3] - In the past five days, the financing balance increased by 317 million yuan, representing a growth of 35.24%, while the securities lending balance rose by 2.9856 million yuan, a growth of 49.23% [3] - The company reported a revenue of 7.095 billion yuan for the first half of the year, reflecting a year-on-year growth of 20.93%, while net profit was 650 million yuan, a decrease of 1.06% year-on-year [3] Group 3 - The top five trading departments accounted for a total transaction amount of 1.216 billion yuan, with buying transactions amounting to 583 million yuan and selling transactions amounting to 633 million yuan, resulting in a net selling of 50.4725 million yuan [2] - The leading buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 192 million yuan and a net buying of 192 million yuan [2] - The main capital outflow for the stock today was 400 million yuan, with large single orders contributing to a net outflow of 233 million yuan and large orders contributing to a net outflow of 168 million yuan [2]

景旺电子今日跌停，成交额27.88亿元，换手率5.21%，盘后龙虎榜数据显示，沪股通专用席位买入1.92 亿元，1家机构专用席位净买入1.22亿元，有3家机构专用席位净卖出4.13亿元。 ...

Core Viewpoint - Jingwang Electronics (603228.SH) experienced a limit down today with a turnover rate of 5.21% and a transaction volume of 2.788 billion yuan, indicating significant market activity and investor sentiment shifts [1] Trading Activity - The top buyer on the Shanghai Stock Connect was identified as buying 192 million yuan, while one institution purchased 122 million yuan. In contrast, three institutions sold a total of 413 million yuan, resulting in a net institutional sell-off of 290 million yuan [1] - Retail investors, particularly a "quantitative fund," ranked as the second, fourth, and fifth largest buyers, with a net purchase of 137 million yuan [1] Institutional Trading - The top five buying institutions included: 1. Aiyi Securities with a purchase of 552.8 million yuan, accounting for 10% of total trading volume 2. Guotai Junan Securities with 591 transactions totaling 470.4 million yuan, representing 6.09% of total trading volume 3. An unnamed institution with 167.1 million yuan, making up 4.38% of total trading volume [1] - The top five selling institutions included: 1. An unnamed institution with 167.1 million yuan, accounting for 7.79% of total trading volume 2. Guotai Junan Securities with 591 transactions totaling 130.7 million yuan, representing 4.69% of total trading volume 3. Another unnamed institution with 101.6 million yuan, making up 3.64% of total trading volume [1]

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, Jimin Health, and others, have hit the daily limit down, indicating a sharp decline in market sentiment [1] - Over 30 stocks, such as Tianfu Communication, Huahong Company, and others, have experienced declines exceeding 10%, reflecting broader market weakness [1]

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price growth exceeding 15% over the next six months [5]. Core Insights - The company achieved a revenue of 7.095 billion yuan in the first half of 2025, reflecting a year-on-year growth of 20.93%. However, the net profit attributable to shareholders slightly decreased by 1.06% to 650 million yuan [1]. - The company is actively expanding its production capacity with a 5 billion yuan investment plan for its Zhuhai Jinwan base, focusing on high-end products in AI computing, high-speed network communication, and automotive applications [3]. - The company is leveraging its first-mover advantage in automotive electronics to explore new growth areas such as humanoid robots and low-altitude aircraft [2]. Financial Summary - The projected net profits for 2025, 2026, and 2027 are 1.552 billion yuan, 1.914 billion yuan, and 2.398 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 37, 30, and 24 [4]. - Revenue is expected to grow from 12.659 billion yuan in 2024 to 21.195 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18.67% [4]. - The company's net profit margin is projected to improve from 9.2% in 2024 to 11.3% in 2027, indicating enhanced profitability [12].

Core Viewpoint - Jingwang Electronics experienced a stock price decline of 2.09% on September 2, 2023, with a current price of 59.83 CNY per share and a total market capitalization of 564.07 billion CNY [1] Financial Performance - For the first half of 2025, Jingwang Electronics reported a revenue of 7.095 billion CNY, representing a year-on-year growth of 20.93%, while the net profit attributable to shareholders was 650 million CNY, a decrease of 1.06% compared to the previous year [2] - The company has distributed a total of 3.057 billion CNY in dividends since its A-share listing, with 1.593 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Jingwang Electronics was 41,600, a decrease of 15.29% from the previous period, with an average of 22,190 circulating shares per shareholder, an increase of 18.29% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 12.1388 million shares (a decrease of 671,000 shares), and Southern CSI 500 ETF, holding 7.2043 million shares (an increase of 237,510 shares) [3] Stock Market Activity - Jingwang Electronics' stock has increased by 121.26% year-to-date, with a recent decline of 1.93% over the last five trading days and a 0.12% decline over the last twenty days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on July 29 [1] Business Overview - Jingwang Electronics, established on March 9, 1993, and listed on January 6, 2017, specializes in the research, production, and sales of printed circuit boards (PCBs), with PCB sales accounting for 94.67% of its revenue [1] - The company operates within the electronic components industry, specifically in the PCB sector, and is involved in various concept sectors including flexible electronics and optical communication [1]